In its latest monthly report on Friday it said failures to meet pledges, from members of the Organisation of the Petroleum Exporting Countries (OPEC) and their allies, has meant that oil prices have rocketed to their highest levels since 2014.

Benchmark crude prices rose by more than 15% in January to cross the 90USD per barrel threshold for the first time in more than seven years. Global oil stocks at multi-year lows and dwindling spare capacity have left the market with only a small cushion. The group, OPEC+ has been increasing their supply in small increments in a bid to keep up with oil demand and decrease stockpiles from the height of the pandemic.  There were also signs that the shortfall was worsening, the IEA said, adding to the tightness in an already stretched market.